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View Diary: Consumer Financial Protection Bureau Fines Bank of America $772 Million For Credit Card Scams (66 comments)

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  •  "consideration" and "meeting of the minds" (1+ / 0-)
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    raspberryberet

    The contract law class I took indicated that both "consideration" and a "meeting of the minds" are required for a valid contract.

    When banks can put exceptions that benefit themselves and harm consumers into the tiniest print, that is bait and switch rather than any "meeting of the minds".

    When banks can choose to alter the very essence of the "consideration" of a contract, not only is that not a true "meeting of the minds" but it is indentured servitude.

    The banking and insurance industries have merged and that, along with removing the barriers between traditional banking and investment banking,  was a significant cause of the financial collapse -- no checks and balances. Now banks want to go into businesses, including the  commodities business.

    Once people who used their power outside government to control neighborhoods and the people in them were called mobsters -- loan sharks, protection rackets, included.  Now we call them businesses and "corporations".

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